mark lehman is president of jmp securities, joins us now to discuss. mark, i guess you could say it was a case of buy the rumors and sell the news. you could say maybe the market was a little disappointed in what it saw. what do you think happens next with respect to the market's reaction to the trump agenda and tax reform specifically? >> yeah, i think your assessment is right, tyler. i think the market was expecting something like this. i think the rush to get it out before the magical hundred days on saturday, that happened, and this was very much in line with what we heard from candidate trump and now we see it under president trump. there's a lot of devil in the details. most people have been relatively quiet on the democratic side. i think there's going to be a lot of work ahead. the reason we haven't had any tax reform of massive note in 30 years is because it's really hard to do, and you've got a lot of constituents who have got a lot invested here. and i think there's going to be -- the reason the market didn't react is, this isn't very much l

. >> reporter: officer robert compton of bedminster township and chief brian lehman of dublin boroughed at this parking lot in seconds. they can tell the baby was that seconds away from being born. >> i knew it was imminent immediately when the baby was crowning. this was definitely going to happen and the ambulance wasn't going to get here. >> ready or not, you know, here we go, so tried to keep her calm and help her through it. >> they walked us through and they delivered jays and then the ems showed up. >> caught jace. >> yes, one of the police officers caught him. >> i texted my wife right away and i said i just delivered a baby and i can't stop shaking. >> reporter: was she like what. >> that's exactly what her response was, yes. >> reporter: today the office visited the diaz family at their quakertown home. they got to hold jace and his parents got another chance to thank the officers who delivered their tiny miracle. >> very thankful. >> reporter: in bedminster township bucks county, sarah bloomquist channel6 "action news". >> descending on philadelphia. it's going to be quite

i had offers from goldman sachs and lehman. i said i would learn more at these other places.y eventually called me up. and he said, why don't you come be my assistant? you will learn a lot. i do not know what is going to happen. he lasted about three more years. david: you did learn a lot. when he left -- jamie: i left with him. i was offered a bunch of jobs to stay, but he said, we will find something, build something great. we took over a company called commercial credit. it was in baltimore here. i moved down here. these little companies, it had seven other little companies, a company in israel, a small international bank, a small life insurance company, and that company is the same company that became citi. and over those 12 years, so these names you will recognize, salomon brothers, travelers life -- and it was a conglomerate. we did a good job with shareholders and merged with citi. and it was a hell of a run, and then he fired me. [laughter] when he did that, a year later i called them up. i called him. he didn't call me. i said it was time to break bread. we met at th

after the lehman debacle, g20 leaders committed to radical reform of the financial system and they chargedhe fsb with fixing the fault line that caused the crisis. the comprehensive reform program had four main components creating brazilian banks, and made too big to fail, transforming shadow banking into market-based financing making derivative markets save. you can see from the photo it is much safer to be a central banker than a politician because i am still here and there is only one of those politicians i believe who's still in office. a decade on, having taken those instructions and in fact i'll tell you that is. angela merkel will be asking that question, what have you done with the last 10 years. the answer will be we have made the system safer, simpler and fairer while we are in the process of doing so. in terms of making the system safer, the central achievement has been the transformation of bacon. a decade ago, banks are often woefully undercapitalized and they had complex business models that provide not the goodwill of market and in the end i'm taxpayers. today, the largest g

i said i would learn more at goldman sachs, morgan stanley, and lehman.said, why don't you come be my assistant? i was a baker scholar. it was important to him. he said, why don't you come be my assistant? you will learn a lot. i know it's going to happen. so he lasted there about three more years. you did learn a lot. david: when he left -- jamie: i was offered a bunch of jobs to stay and stuff like that, but he said, we will find something, build something great. so we took over this little company called commercial credit in baltimore here. one of my babies was born in sinai hospital i moved down , here. i took his little company. it had seven other little companies including like a leasing company in israel, a small international bank which made bank loans that all went bankrupt a small life insurance , company, and that company is the same company that became citi. and over those 12 years, so we bought -- these names you will recognize, primerica, shearson, salomon brothers, at the property, travelers life -- and it was a conglomerate. they did not,

the hang seng index is gaining ground despite the fact that lehman markets are closed.d markets are the pbmc just raised its interest rates over the weekend. could timing, as the mainland -- timing, asg -- good the mainland markets are closed. we are seeing energy and tech stocks leading the decline. that is it for bloomberg markets: middle east. [speaking simultaneously] [indiscernible] ♪ nicola sturgeon vows to keep pushing for a second independence reference and -- referendum. >> i don't think the position of the prime minister is a -- one.ble and -- the doj shows improvement for japan. encouraging, inflation in the year ahead. authorities and visit three offices for alleged tax evasion. the bank

i had offers from goldman sachs , morgan stanley, and lehman.aid i would learn more at these other places. they eventually called me up, kind of liked me, i was a baker scholar and that meant a lot to him. and he said, why don't you come be my assistant? you will learn a lot. i do not know what is going to happen. he lasted there about three more years. david: you did learn a lot. when he left -- jamie: i left with him. i was offered a bunch of jobs to stay and stuff like that, but he said, we will find something, build something great. we took over this little company called commercial credit, in baltimore here. one of my babies was born in sinai hospital. i moved down here. and we took these little companies, it had seven other little companies, including a leasing company in israel, a small international bank that made loans that all went bankrupt, property-casualty company, a small life insurance company, and that company is the same company that became citi. and over those 12 years we bought -- so these names you will recognize, shearson, s

eventually serving as the house budget committee with a balanced budget act in the town in executive that lehman brothers with fox news with an overwhelming victory in 2014 fuzzily is we're on the record note live plugging were filing of any kind so we can listen to what the guest says no embargo when the session ends. we will leave bill several pictures of this session as soon as it is over if you like to ask a question send me a signal. if thanks again for doing this. >> i am here because i have this book called "two paths" fin the road to the book because basically a saw 20 years of elected office defected have done a number of other things i'm concerned about the direction of the country and how we got there and how we get out of it and it is pretty tightly i'm having a good time because going on the "daily show" to "face the nation" and then with you so that is a diverse media so i'm having a good time with an aggressive schedule and i am enjoying myself. that is all i have to say. what would you like to know what. >>. >> so talk about tax reform none of the almanac of american politics not

piper jaffray, senior technical research along with jmp with marc lehman. great to see you guys. >> it's a good. you're the first quarter is somewhat easy compared to resend. i think it puts a floor in the market for now we have a good earnings report starting next week. maria: you look at the market on a technical basis. the charts really support that. >> absolutely. the charts are very bullish. plot a earnings for 2015-2016 and 2016 was a big drop off out the first quarter. now in 2017 you are not seeing that. earnings holding up fairly well, looking0% growth. >> one of the things i'm concerned about his bank earnings. we had tempered expert dishes from last quarter expected to increase 15% this quarter but we haven't seen financial regulations. you can hamper this earnings season as well as the rest of the year. by conflating overseas. the banking sector we've seen in the regionals and so that is a concern for me. where u.k. cms. the earnings are not there yet. there is going to be in a gang ahead of the earnings. in terms of the performance, stocks are

that takes you into the territory of lehman's, e.r.a. m, mid-1970's.here are a lot of forecasts in the market following brexit around the euro-sterling. that would have taken you to the order of 35%. is economically this a more damaging episode than these parties moves? it simply isn't. the fact that you are getting data, thering on the think it is key for the whole trajectory. >> an interesting development through. you mentioned this. u.k. cfosm among climbing to an 18 month high, they still of knowledge that frexit is their top concern. it seems they think the brexit headwinds have eased. this is the ftse 350, that criticize. size.ind of >> in an attempt to get momentum. rattled through its. 20% depreciation and sterling. the bank of england restarting the qfii. helps a lot of the corporate sectors here in the u.k.. it is a sugar rush. it will not last. policymakers, it does quite well. to squeeze oneng more in but i have to get in. it is built on sand. we are sending our bottoms up on critics -- credit cards. saving rates lowest on record. when that

if you look at most of the institutions contained in the crisis, lehman, fewer, investment bank, beararns, pure investment bank, then he aig, an insurance company and so forth, it is pretty hard to see glass-steagall as having much to do with the financial crisis. i don't know quite where -- i understand the impulse to higher capital, to liquidity requirements, i even understand and support the impulse to more rapid size limits -- stronger size limitations on institutions. where the impulse to glass-steagall is coming from except for some kind of desire to protect the investment banks fromcompition from someone in commercial banking, i don't see that argument. vonnie: former u.s. treasury secretary larry summers speaking earlier today on bloomberg daybreak: americas. stay tuned. technology is coming next. this is bloomberg. ♪ . . a little bit of fog burning off in midtown manhattan -- live from bloomberg world headquarters in manhattan, i'm funny quit. a quick check on u.s. stocks, just off session lows -- i'm a vonnie quinn. .4% and thedown nasdaq the laggard today. let's get details

of crooks, frauds, and mall banks, especially those that got burned owning the old fannie mae or lehman brothers. healthy skepticism is one thing, a total unwillingness to believe in anything positive is something else entirely. if you own stocks, you need to have some measure of trust in the people that run the company. we have had a massive amount of consolidation, you see it in airlines, rental cars, food stocks and entertainment, perhaps these corporate ceos are buying stock -- spurs overtures happen all the time and if executives expect they may be next, it could be a healthy an honest reason to buy. a lot of times you could just get a phone call that say no, buy, they do that because the company's worth more than they thought. maybe they think that the company can be broken up, like the whole tyco, maybe they see the stocks creating value, but they don't think the run is over because they recognize how much better the company will be when it's divvied up. for us, buying after a big run can be a bit lazy. insider buying after decent runs tells me these guys don't think there will b

. >> reporter: officer robert compton and chief of police of dublin brian lehman showed up just as jace he came in like he had done this many times. >> reporter: but he hadn't. were you nervous? >> terrified. >> it was pretty scary but we were happy that he was born and he has no complications. >> reporter: for the officers joining the family today it's an experience they don't often get. >> we're very happy for them and everything worked out. we were glad to be there to be help. >> she's grateful for them all and now she says. >> reporter: deanna durante nbc10 news. >> interesting they were all terrified it seemed. >> i know and jace is just perfectly content and calm and happy. >> and beautiful. we're working on several stories for nbc10 at 5:00. >> here comes more road closures. the nfl draft is fast approaching. the streets that are closing about two hours from now plus a local star whose hoping to become a household name. >> now here comes the heat. by week's end it's going to start feeling like summer around here. what to know for your neighborhood in my most accurate first alert

james langford, senate intelligence committee lehman on "fox news sunday." >> north korea tried to have some bargaining chip is a show with an international player they are. lauren: senator legg or has been talking about the need for a new policy on how to deal with americans. president trump had made separate phone calls to the leaders of japan and china to discuss his concerns about how to deal with north kea. nicole: let's get you caught up in the global market action would've been seen overnight. this is all in the hills of the french election where we see stocks soaring there. then you can japan up 1.4%. hong kong hang seng up half of 1%. korea scots be a 1% pay attention to north korea per domain. lauren: on the result. in the runoff election in two weeks. the cac quarante at 4.3%. that is over two years. nicole: seven ipos. dow futures up 191 points this morning. french banks up more than 5%, some of which are 10%. s&p up 1.1%. right now let's agreed on the screen. lauren: oil down 7.5%. 1272 amounts. nicole: funding for the border wall in a showdown with congress. >> we are aski

this need is perhaps best illustrated by the collapse and subsequent bankruptcy of lehman brothers in 2008. as a result of that firm's failure and the rampant uncertainty it generated, a worldwide freeze on the availability of credit quickly developed. this in turn triggered a near collapse of our nation's economy and clearly revealed that current bankruptcy law is ill-equipped to deal with complex financial institutions and accuse economic distress -- in acute economic distress. this would establish a specialized form of bankruptcy relief specifically designed to facilitate the expeditious resolution of a large systemically significant financial institution such as lehman brothers, while minute mipesing the impact on the financial -- minimizing the impact on the financial marketplace. der the bill, the debtors' operating subsidiaries would continue to function outside of bankruptcy while the debtor's assets such as financial contracts and the stock of its subsidiaries would be transferred to a temporary bridge company. the bridge company, under the guidance of a trustee, would then l

. >> lehman brothers being the top story. they filed for chapter 11 bankruptcy. >> stephen sedgwick joins us from the markets desk. you're seeing him early on this morning. there you are. hi. >> the pan european exchange map on the wall. looking at a lot of red today. >> we are indeed well underway here in canada. a bit windy to say the least. sir martin sorrell is beside me. >> let's check in at gold. we have not looked at the gold session chart for some time. >> oil prices heading higher. >> welcome back, you are watching "squawk box" on cnbc. >> once upon a time, there was a mobile phone industry, along came the iphone, bam, that was the end. >> i'm louisa bojesen. for years, centurylink has been promising fast internet to small businesses. but for many businesses, it's out of reach. why promise something you can't deliver? comcast business is different. ♪ ♪ we deliver super-fast internet with speeds of 250 megabits per second across our entire network, to more companies, in more locations, than centurylink. we do business

that was just before the collapse of lehman brothers.: it's a new edition of daybreak, it's not just us. this is this morning's top story. they taken this to a whole new level. the president wants to introduce a 10% tax on $2.6 trillion of u.s. earnings according to a white house official. is calling for a cut in the past through business to 39.6%. will have more details on the tax plan later today. we've heard from credit suisse already this morning which is holding on to its with brain -- banking unit and planning a rights issue instead. confirmation of something that's been talked about for a long time. the income beat analysts estimates. the ceo is sitting down with francine and we will bring you that interview in about 15 minutes time. rose, butrican crude the more it official -- official report may show stockpiles dropped by 1.70 5 million barrels. 7:36 if you are in italy. alitalia is set to start bankruptcy proceedings. the development pushes the carrier toward its second administration in a decade. manus: the decision to appoint

even with pressure on drug developers, jnp securities marks lehman says get off the sidelines on to teams the region. even as markets fall 117 points right now? >> it is. i think that was a space under assault in 2016 and has come back since the election. it outperformed all of 2016 even after the trump rally. you have underpinnings that are still good. companies are getting approvals forward. they're getting more approvals. fda is relatively accommodative. we have to find out about health care. those two factors on top are quite important. risk/reward in biotech remains very favorable. liz: look at your picks since the election. vertex is 37%. almylam pharmaceuticals is up 32%. the dow is now hitting new session lows, down to what do you attribute this? charlie says markets wan taxes, not bombs? >> i think that is fair. i think charlie is right. we have a great rally since the election, exactly, any bit of news gets in the way of that is difficult for the market. they want to see results. we had a lot of hyperbole and rhetoric, wants to see results. reporting season, results which are g

here is the lehman low of the 2008 crisis.nited kingdom, it is rolled over below where it was in 2008. this is a very weak loony and the recent rollover on the trade discussions with the united states shows the weakness of the canadian currency over the last 23 years. you had an important conversation in zÜrich. francine: it was an important conversation. the first quarter for credit suisse figures better than expected and the ceo announced plans to raise $4 billion and the rights -- in a rights offering this morning. it means they will no longer hold a partial ipo with swiss business. this is what the markets wanted to know. i asked to ceo about his capital raising expectations. circumstances, i -- we always said to complete this plan we would need a review in 2017, which we are doing. we have $900 million of restructuring costs to continue with cost cutting. francine: we are so excited about this next interview. jim o'neill, formally german of goldman sachs asset management. -- chairman of goldman sachs asset management. he

lee, can you explain but in lehman turns what is this policy and practice you write about? >> sure. absolutely. the united states sets limits on how many of us could come of the water in every given year. the fish we catch any today we want them to be here tomorrow, ten years from now, 15 years now. now. how that cap is an force can vary. a catcher is one of those tools and how it works is essentially, taking the pie of all the fish that can be caught in a given year and slicing it up and giving it ownership to various pieces to qualifying fishermen, corporations and the particular structure in that region for that particular fish. the bet is that if you give the people a stake in ownership they will take care of it, they'll have an interest in conservation because the long-term gain will off on and also be theirs. it's a little bit of a gamble. it's like giving 100 people houses and betting that everyone will cut their grass. you don't really know. ownership means different things to different people and so the effect of this has been a little mixed. lots of people who are owners b

. >> reporter: officer robert compton a bedminster township police and chief brian lehman of dublin borough arrived in seconds. they could tell this baby was coming. >> i knew it was imminent immediately when the baby was crowning. this was definitely going to happen and the ambulance wasn't going to get here. >> she had pushed at one point and the head then came out and -- and after a few minutes, then had that pushed more and the baby came out but literally had to catch it. >> officer compton after he came out and he laid jace on his chest he goes well, i guess this is a good time to introduce myself. my name is bob, congratulations. so, it was -- it was awesome. >> reporter: awesome. and the diaz's couldn't be more grateful. >> very thankful. >> reporter: now, after the diazs were in the ambulance and safely en route to the hospital, the officers went and had a cup of coffee, talked about what happened and went back out on patrol. live in bedminster township bucks county, i'm sarah bloomquist channel6 "action news." rick and monica. >> all right. >> terrific. >> great story. >> thank you

a crash between balls ford road and sudden lehman nor has things closed in both directions.southbound delays. you can take 28 over to 66 if you need to get around that. 66 dealing with typical delays. that crash is involving an suv and a truck so big slowdowns on the southbound side. keep it to fox5 news morning. we're going to help you navigate that inner loop nightmare right now. we'll be back in a few. >> ♪ >> ♪♪ - whoa, you got him to mow the lawn! - ever since i opened virginia529 accounts for the kids he actually hasn't been so bad. (glass breaking) - that garden gnome came outta nowhere. - but he still has his moments. - [narrator] tame the tuition monster. visit virginia529.com. z2c56z zi0z y2c56y yi0y - what are you in for? - i was allegedly talking during quiet time. - oh. - so i'm here to appeal the decision. - [narrator] tame the tuition monster all the way through grad school. - well, i'll see you in law school, kid. - [narrator] visit virginia529.com. >> ♪ >> we are back now with what's trending on the web on this thursday morning. yesterday so many people on t

meet -- lehman's is off this morning. elsewhere, at similar story in oil and gold.e: -- matt: germany's economic ministers says the country is well positioned to weather brexit due to its economic strength. zebras said decades of time eu means thered would be inevitable inc. -- impact. but germany is positioned to handle it. affected byill be brexit. we are closely intertwined. it is not a nice situation for us. but germany's economy is so well-placed internationally, that it can cope and hopefully, we will get trading rules that will allow trade in another form. james is still with us. seen someave reaction to this. attack. a little flight to safety but not a huge or pronounced move down in rates. going inu see bunds regards to brexit in the next year or two? i am not sure that brexit will be the big story. there is so much going on in terms of european politics and the ecp's shifting reaction function. -- ecb's shifting reaction function. notds -- it is a particularly lucrative asset to be owning. if you look at the situation in europe at the moment, and specifica

he has strategies for companies such as lehman brothers. great to have you back on the show.nsion, the fundstion that quants will blow up the market. in the context of things, if you look at the management, risk parity funds and in terms is not astrategy, it huge amount when you compare it to the context of market capitalization. even for example, s&p 500. it is not the case of these funds to change what is happening in the market to that extent. scarlet: do we know how much automated strategies have behind them? some say $150 billion. if we cannot agree on it number, how do we forecast the impact it would have? you have never heard people saying it is 25% of the s&p 500. everyone is in agreement, it is a relatively small amounts. joe: the things people always point to with quants funds is the 1987 crash and the role that policy insurance theoretically had. as the market went down, it encouraged more selling. a risk, theoretically with automated strategies? that somehow there is a feedback loop when there are only sell orders and the humans have been kicked out of the industr

for me cops, giving you the lehmans, go to cc lb. and these guys, just graduated out of college. they don't have no place explained. they don't know what to do with no family dispute but when they get spat on. so do you believe that some of the investigators should have higher background a law-enforcement? >> guest: in the newark city police department cc rd was a by unit come the investigators were seasoned detectives and police personnel. the managers of the case and the civilian complaint review board are all civilian promise of the members of the community. i think that balance really worked well. when you decided to completely civilian eyes it, they had people who well-meaning, intelligent people but didn't understand police work. i think i was a detriment to them. >> host: yeah, because like some of the dispositions that come back, it's just -- >> guest: completely un-prosecutable. they come come back with decisions that were completely un- prosecutable. >> host: you also write, so i had a partner, let me give you some background. i had a part nevermind his name but he was

neil: pete peterson is former secretary of commerce, former chairman of lehman brothers, now chairman of the blackstone group in new york. brian: you mentioned senator percy earlier, and anybody that's watched this network has seen your work with the capital steps. what is the capital steps, and how did you get to senator percy's office? william: i, like neil, am a boomer who grew up in the 1950's out in california, then went to harvard in the late 1960's in the middle of that campus turmoil, graduated from law school and the kennedy school there, came to washington, worked in a variety of jobs, in addition to writing that book about the vietnam war. i started working with senator percy right around the time we formed the capital steps, along with jim back in 1981. and over the past nine years, with elena, i've written about 400 song parodies about the foibles of washington, many of them the same foibles that neil and i write about in a very serious tone in this particular book. and i guess i'm one of those unusual people in the entertainment industry who, after the show is over, i'll

what would you say to the lehman who says, why is president tssi? >> it's not a question of president trump messing with the canadian. we believe the canadians violated legitimate practice and to the degree we're correct in that, it should be corrected. just like steel dumping from china or any other trade infraction. we make it public all the time. it's just that there has been so much general public interest engendered by the two things, the dairy and the lumber, that we felt it was good to clarify. >> during the presidential campaign people following, then candidate trump thought the singular focus would be on mexico. now we're hearing all these items related to canada. can you tell us why the focus seems to have shifted north? >> we had little way to know the canadian dairy people would take the actions that they did, nor did we have any way to know that the lumber dispute wouldn't have been resolved by negotiations. we tried. it didn't work. and so we went ahead with the statutory proceeding. [ inaudible ] >> i'm sorry. >> is the administration

have seen other family go through foreclosure and we've seen it in the data since the collapse of lehman brothers, student debt more than doubled and more millennials are working. sometimes through college, so, how do you think we change the view that the public has of millennials who are just leeching off their parents in the basement? >> yeah, i don't know. i mean, write about it, i think. write about how they are doing things that are responsible in terms of their money, and i think the other thing that we have to do is with all of the stuff that we have been talking about over the last, however many minutes, is to think about how the condition of the american worker has really changed, and millennials are could manying of age. maybe the first generation, to really face a very different reality, and one of the things that really struck me, when i did focus groups and interviews with people that age was how they did not relate to the american dream as it was kind of put in front of me and my parents of, you know, being able to get a good job, that came with the stable, predictable inco

eventually serving as the house budget committee with a balanced budget act in the town in executive that lehman brothers with fox news with an overwhelming victory in 2014 fuzzily is we're on the record note live plugging were filing of any kind so we can listen to what the guest says no embargo when the session ends. we will av

i think historically, it's been week the first quarter, so some people blame lehman back to the financial crisis for being weak in the first quarter, oil and gas, north dakota, south dakota, people laid off, and comes back in the summer. personal consumption weaker. if you're not making a paycheck in the winter, no oil and gas, you're not spending money. we don't know what it is, but steve said it was expected, atlanta fed was bang on, .7%. inventories down, and that should bode well in the second quarter. now consensus is, you know, 2, 2.5% for the second quarter. >> rick, what's the take on the data today, but what's it mean for the new range that we're looking at for bond yields, particularly the ten year? >> you know, there's no way under the most ideal circumstances that quarter to quarter gdp is going to ramp up super quickly. when we look at .7, yes, three years, the first quarter of 2014 we have min newsus.2. a year ago, it was .8. look at the 40 quarter of '15, it was .9. what jumps out to me is the notion we've had sub par growth for a very long time. the baseline is not changin

beckman, president, ellie hollander who is the president and ceo of meals on wheels america, abby lehman and jim wilder. before we dig into today's topics of hunger in america and the potential impacts of the current proposals related to the federal nutrition program. going to a quick audience pull because the organizers asked us to just provide some context for our discussion. we have a very educated audience so i expect straight a's with these poll questions. they were talking about hunger in america but what's the actual scope of the problem. how many americans live in food insecure households? zero, we've artie answered it. you guys are quick. i didn't realize they were already answered. you are right according to usda data 42 a 42 a million americans , 29.1, 13.1 million children. our next poll is what proportion of food aid is provided by charity versus federal programs. >> and yes, the value of food benefits provided by federal nutrition programs to food submitted by private charity in the same period of time. right we can essentially say that for every one bag of groceries that c

the disdain that secretary paulsen had for goldman sachs he wasn't about to let their competitor lehman brothers survive, so he was able to keep them from surviving, not helping them. god bless ford motor company, they were able to turn down any government assistance that g.m. and chrysler took. but there was a remedy -- remedy if we hadn't panicked and had followed the advice of former fdic chairman isaacs that i found out from my democratic friend brad verman that actually he's the one that first brought former chairman isaacs to the hill. but he had a good solution that would not have caused taos take what was referred to by socialists the day after it passed as the biggest step toward socialism in the last 50 years, and that was washington government, federal government, crawling in bed and calling the shots with the investment banks on wall street much to the ruin of so many community banks. we gave advantages to the big banks. we hurt the community banks who were not able to compete as well. god bless all of those that have hung in there. i hope that we can rectify things better t

that compares with 2008 145 listed companies filed for bankruptcy after the lehman brothers collapsede sentiment underlying the economy overall. maybe not gangbusters, but very solid. -- one area without growth is wage increases. there is potential for tightening in the labor market, which will lead to wage increases, but it is not really happening. negotiations are pretty tepid. >> that is definitely true. willoks like wage growth be a little bit smaller this coming fiscal year then it was last year. that points to two decades of malaise in japan. the so-called deflationary in japaneseery much corporations. they are worried about demographics going in the wrong direction. they are also worried about overseas economic growth. the new trump administration, potential for trade friction, , china isto home always a question whether it is booming are busting good japanese companies have been pretty conservative. we will have to look at that. there are some pockets where are increasing. that is the service industry where labor demand is particularly tight. >> given that you are talking -- p

if you look at most of the institutions contained in the crisis, lehman brothers, bear bank,s, pure investmentd freddie, neither , and nor investment banks so forth, it is pretty hard to see glass-steagall as having much to do with the financial crisis. so, i don't know quite where -- i understand the impulse to substantially hire capital, to liquidity requirements, i even understand though i don't support the impulse to much more rapid, stronger size limitations on institutions. but where the impulse to glass-steagall is coming from, except for some kind of desire to protect the investment banks from competition from some of the people who were also in commercial banking, i don't really see what that argument is. jonathan: on the regulatory burden, we had jamie dimon sitting to the left of me, he would say it holds the investing, new cast yana --where is larry summers on that debate right now? larry: people think there is overwhelming evidence that creditworthy borrowers are get credit, so i don't see -- i think if you look at the surveys of why small businesses are not expanding, the lack of

fan of john but obviously when you have a chairman of a company, and -- the claw back started post lehmanpresident donald trump is threatening to stop payments to insurers in a bid tget democrats to negotiate new legislation that is acrding to "the wall street journal" here is what president trump told me in exclusive sit down earlier this week. >> health care has been going on you know negotiations, and just a negotiation and going to take a little while longer but as you probable hear and congress is coming along we have great people in congress they want it to happen. we will have no democrats, zero. that moons we have to get close to one hundred percent of the republicans, not an easy we to run a government. >> joining us right now the former cke restaurant ceo form labor secretary nominee and inside public defende inside. >> andy. >> you had in a moment nominee for labor department to see ugliness in terms of democrats pushing back on everything president trying to accomplish here how do you see it. >> well, it are you talking about with respect to to the obamacare bill. >> yeah but